MUMBAI: The 18-day long strike by jewellers, which ended last night, is estimated to have caused loss of Rs 60,000-70,000 crore to the industry.
Meanwhile, a three-member committee has been set up to look into issues of jewellers and it would submit a report to the government within two months.
The Gems and Jewellery Export Promotion Council (GJEPC) in a release said that the 18-day stir caused “losses of Rs 60,000-70,000 crore” to the industry.
The decision to call off the strike was taken last night after the government assured jewellers that there will be no harassment by excise officials and no ‘inspector raj’, Gems and Jewellery Federation Chairman Sreedhar G V told PTI.
The decision was taken unanimously by major jewellery associations, including GJF, India Bullion and Jewellers Association (IBJA) and Gems and Jewellery Export Promotion Council, after they met Finance Minister Arun Jaitley yesterday regarding the 1 per cent excise duty proposed on jewellery in the Budget.
“It (Excise duty) has not been rolled back, but our grievances have been taken care of. The Finance Minister has assured us that there will be no ‘inspector raj’ and we are hopeful of getting a notification in this regard soon. After long deliberations, all associations agreed to call off the stir,” Sreedhar said.
Jewellers were also opposed to the mandatory quoting of PAN by customers for transactions of Rs 2 lakh and above.
A three-member committee, headed by Economist and former Chief Economic Adviser at the Ministry of Finance and Company Affairs Ashok Lahiri, has been constituted to look into the issues related to Excise duty of the jewellers association and trade bodies and to evolve at a solution.
It would submit its report to the government within 60 days, GJEPC said in the release.(Agencies)
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